Insolvency Statistics in Canada—February 2017

Highlights

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 9.9% in February 2017 from the previous month. Bankruptcies increased by 7.2% and proposals increased by 12.4%.

The total number of insolvencies in February 2017 was 7.6% lower than the total number of insolvencies in February 2016. Consumer insolvencies decreased by 7.5%, while business insolvencies decreased by 12.0 percent.

For the 12-month period ending February 28, 2017, the total number of insolvencies increased by 1.9% compared with the 12-month period ending February 29, 2016.

Consumer insolvencies for the 12-month period ending February 28, 2017, increased by 2.2% compared with the 12-month period ending February 29, 2016. Consumer bankruptcies decreased by 1.6%, while consumer proposals increased by 6.4%. The proportion of proposals in consumer insolvencies increased to 50.1% during the 12-month period ending February 28, 2017, up from 48.2% during the 12-month period ending February 29, 2016. For the 12-month period ending February 28, 2017, consumer insolvency filings accounted for 97.1 percent of the total insolvency filings.

Business insolvencies for the 12-month period ending February 28, 2017, decreased by 7.9% compared with the 12-month period ending February 29, 2016. The two sectors that registered the biggest decrease in the number of insolvencies were accommodation and food services; and manufacturing. Mining and oil and gas extraction; and transportation and warehousing experienced the biggest increase in insolvencies.

One Companies’ Creditors Arrangement Act (CCAA) proceeding was filed with the OSB in February 2017. Please refer to the CCAA Records List for additional details. Note: The Insolvency Statistics in Canada—February 2017 report, which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings.